How To Build An Efficient Mobile Wallet App Like PayPal
Technological advancements have made life easier for humankind. Humans are carrying out all their chores in a modern way in the past few years, PayPal before which they used to follow traditional methods to do the same tasks. One such example is making and receiving payments! The financial industry has modernized in several ways, making human life simple and efficient since they perform their tasks with less time and energy consumption.
Besides online and mobile banking facilities, there are other efficient and secure ways to make payments as well – eWallet is the term! These digital wallets have made it super easy and quick to make payments in a matter of seconds, whether it is to a retailer, restaurant, eCommerce app, etc. Imagine you are leaving your house to visit a retail shop but left your wallet at home. Fortunately, you are still carrying your smartphone. How easy is it to do a transaction with an eWallet app such as Google Pay, Paytm, PayPal, etc.? Besides being easy and quick, these apps are also safe & secure. And they are your best option during these pandemic times when you want to avoid making a cash transaction.
Mobile Wallet App Development Market Growth
eWallet apps are beneficial for several industries, but it isn’t restricted to one sector only. Hence, if you plan to invest in creating such an app, we will take you through some facts and figures. According to reports, mobile wallets will be booming by 2023 and generate a revenue of $4574 billion.
It’s not always feasible to make payments in cash; however, it’s always easier to carry smartphones. Imagine one tiny device for all your needs! All you gotta do is install an app and make payments from it. You just need to remember the pin to complete the payment, and you are fine.
Mobile payment apps were already in the market for a long time; however, they gained momentum due to the Covid-19 breakout. This has called for more demand for such apps.
Must-Have Features of Mobile Wallet Apps
Are you seeking to integrate your eWallet app with the top features? Well, the below-mentioned features are worth considering for your app.
1. User Profile
This is the basic feature of your app. Here, your user will be asked to register themselves, giving their personal details such as name, address, and perhaps a photo. You can also log in through Gmail or FB to avoid the lengthy procedure.
2. No Minimum Transaction Limit
A few e-Wallet apps have a set transaction limit. Suppose they have to make a minimum transaction of $40; below that is restricted. This creates a problem while making payments and annoys the user. But here, there is no such limit. Users can go even below $40 and make the payments hassle-free.
3. Sync Over 1 Bank Account
This is the main thing that you ask the app user at the very start. Before that, ensure your e-wallet app is absolutely safe & secure. The user’s data privacy is essential while developing an eWallet app.
When a user adds their bank information, they can add over one bank account on the app. As you are permitting users to add over one bank account, make sure your app is user-friendly. This is a useful feature appreciated by the users considering they like to do transactions from different accounts.
4. Split The Bill Option
Several mobile wallets are offering this feature. Users can easily divide the bill between them. For instance, if four friends are heading out for dinner, and at the time of payment, it would be better to use the eWallet app to split the bill amongst the four rather than using cash. This feature makes the payment-making process way easier.
5. GPS Tracking
The main motive behind this feature is for users to track the location where they used the app. This feature will help you have information regarding all your purchases to know where you spent your money. This feature even works as an e-receipts where users get the deduction details.
e-Receipts are the invoice that the user receives after making any payment through the mobile wallet app. Suppose a user has purchased a $25 item, then the deduction details will be sent to the user promptly through a text message and an email as well. This makes the eWallet payment method safe, quick, and easy.
This is about the safety and security of the user’s bank account information. Everyone is super alert and conscious when it comes to money. They want complete protection while accessing the apps. These apps have bank accounts linked to them; hence they must have advanced and latest tech to secure them from fraudsters or hackers. It’s a good practice to ask for a fingerprint, OTP, mPIN, etc., when a user makes a single transaction.
8. Reward Points
Provide users cashback offers or discount coupons while using the app. For instance, Paytm has a good discount deal for flight booking to receive instant cashback. Such rewards will attract users to use the app. This is one of the marketing techniques which is used by several apps.
Mobile wallet apps have touched peak to deliver an incredible user experience and make quick payments with total security and ease. Building such an app for your business will be a significant breakthrough for your business. If you are considering developing an eWallet app, now is definitely a great time as this sector has enormous scope.